Forex Signals - EURUSD Deja Vu

By IBT Staff Reporter On 05/15/12 AT 2:14 AM

Recap: No EU trades were entered yesterday as the pair continued to fall and never broke above it's resistance level to triggered our long.

Our analysis and setups are very similar to yesterday as not a whole lot has changed: the pair is in a nice technical downtrend with consistent lower lows and lower highs. Fundamentally this downtrend has been brought about by the recent Greek political woes and the increased likelihood of a Greek exit from the Eurozone. While this gives the charts a short and medium term bearish outlook, the hourlies are very oversold at the moment and we will take a short-term long on a resistance break.